Silver Linings: High-end continuing-care retirement community sells out quickly, demonstrating appeal
By
New Hampshire Union Leader
Things to consider when evaluating continuing care communities
1) SCRUTINIZE the facility, resident population, educational and cultural activities, fitness club and dining hall. Visit several times and at different hours and watch how staff and residents interact with each other. Do the accommodations provide enough privacy and room for your belongings? Can you envision spending the rest of your life here?
2) PAY SPECIAL ATTENTION to the quality, setting and staffing in assisted living, dementia care and skilled nursing. Check the units' ratings on the
3) CAREFULLY REVIEW the contract and supporting financial documents that indicate the organization's financial health. If you don't feel qualified to do that, consult an elder-law attorney, a certified public accountant or a financial adviser.
4) FIND OUT how monthly fees have increased in the last five years. Although CCRCs in
5) EXPECT TO BE EVALUATED for health history and available finances. Although some have benevolent funds that can be tapped by qualified residents that run out of money in their elder years, CCRCs expect you to have enough money coming in and funds that can be accessed throughout your stay.
* Silver Linings: Seniors taking advantage of
It's also the promise of a commodity many consider priceless: peace of mind in your later years.
"I'm an old insurance man. This is an insurance policy," said
RiverWoods Durham is the latest addition to continuing care retirement communities affiliated with
The price for the lifestyle, an apartment without the worries, maintenance or expenses of home ownership, plus health care through the end of life, is enough to make average-income retirees shudder.
But it's less than the cost of assisted living or skilled nursing on the current market, and it's appealing to many: The 150 units at RiverWoods Durham sold out in 29 days when they were marketed in mid-January, setting a national record, according to Ziegler, an investment bank that finances nonprofit CCRCs nationwide.
The continuing care retirement living model has been around for nearly a century. But it's become steadily popular in the last 25 years, especially among active seniors who retire to states like
To join a CCRC, applicants age 62 or older typically pay an entrance fee that can be comparable to the price of a single-family home, plus ongoing monthly charges that dwarf condo fees, for a contract that guarantees care through the end of life. At RiverWoods Durham that translates to
Compared to the current price of assisted living, which costs roughly
"It provides peace of mind because it's care for a lifetime," said
Long waiting lists
The wait list for a unit at RiverWoods Exeter, which opened in 1994, is currently two to three years.
"This is a great opportunity for us to grow old gracefully," said
"This is a good place for sen-agers -- somebody who's a senior, but also like a teenager," said French.
In addition to attracting residents from as far as
"We didn't realize how much the students enjoyed having older people listen to their stories," Carly said.
"Our commitment is to help you build your best life every day,"
Silver Linings is a continuing
The success of RiverWoods in
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Silver Linings: Seniors taking advantage of Continuing Care Retirement Community services – at home
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